I agree with most of your points, but I would argue that Buffett does buy and hold for much longer than most other investors. Looking at a number of the compan

I agree with most of your points, but I would argue that Buffett does buy and hold for much longer than most other investors. Looking at a number of the companies in his portfolio (See's Candies comes to mind), he has owned them for a long time without any changes in ownership. I think the key is that he finds great businesses that either produce cash, giving him more to invest year after year, or he strategically uses cash flow to generate incremental profits (ie his insurance businesses).